Sawgrass Asset Management LLC Purchases New Position in Chevron Co. (NYSE:CVX)

Sawgrass Asset Management LLC purchased a new stake in shares of Chevron Co. (NYSE:CVXGet Rating) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 10,967 shares of the oil and gas company’s stock, valued at approximately $1,786,000.

A number of other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Chevron by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 167,767,288 shares of the oil and gas company’s stock valued at $27,317,547,000 after buying an additional 4,367,157 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Chevron by 2.1% during the 4th quarter. Geode Capital Management LLC now owns 32,250,237 shares of the oil and gas company’s stock valued at $3,776,323,000 after buying an additional 667,875 shares in the last quarter. Norges Bank purchased a new stake in shares of Chevron during the 4th quarter valued at approximately $3,111,594,000. Charles Schwab Investment Management Inc. lifted its stake in Chevron by 1.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock worth $2,393,138,000 after purchasing an additional 189,762 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Chevron by 6.8% in the 4th quarter. Invesco Ltd. now owns 14,400,260 shares of the oil and gas company’s stock worth $1,689,870,000 after purchasing an additional 917,773 shares in the last quarter. 69.30% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Chevron news, EVP James William Johnson sold 85,300 shares of the firm’s stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $164.01, for a total value of $13,990,053.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO Pierre R. Breber sold 22,500 shares of the firm’s stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $161.39, for a total value of $3,631,275.00. Following the completion of the sale, the chief financial officer now directly owns 7 shares of the company’s stock, valued at approximately $1,129.73. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP James William Johnson sold 85,300 shares of the firm’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $164.01, for a total transaction of $13,990,053.00. The disclosure for this sale can be found here. Insiders have sold a total of 141,732 shares of company stock valued at $23,024,499 in the last quarter. Insiders own 0.32% of the company’s stock.

Chevron Price Performance

CVX stock opened at $159.41 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.11 and a current ratio of 1.31. Chevron Co. has a 52 week low of $93.31 and a 52 week high of $182.40. The firm’s fifty day moving average is $153.30 and its 200 day moving average is $160.19. The firm has a market cap of $313.21 billion, a P/E ratio of 10.63, a P/E/G ratio of 0.62 and a beta of 1.15.

Chevron (NYSE:CVXGet Rating) last released its earnings results on Friday, July 29th. The oil and gas company reported $5.82 EPS for the quarter, beating the consensus estimate of $4.66 by $1.16. The company had revenue of $68.76 billion for the quarter, compared to analyst estimates of $57.69 billion. Chevron had a net margin of 13.45% and a return on equity of 19.73%. The firm’s quarterly revenue was up 82.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.71 EPS. Research analysts predict that Chevron Co. will post 18.29 earnings per share for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were issued a $1.42 dividend. This represents a $5.68 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend was Thursday, August 18th. Chevron’s dividend payout ratio (DPR) is presently 37.89%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CVX. Credit Suisse Group reiterated an “outperform” rating and issued a $202.00 target price on shares of Chevron in a research note on Thursday, August 11th. Barclays increased their target price on shares of Chevron from $183.00 to $196.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 31st. Cowen increased their target price on shares of Chevron from $119.00 to $120.00 and gave the stock an “outperform” rating in a research note on Monday, August 15th. Wells Fargo & Company increased their target price on shares of Chevron from $181.00 to $185.00 and gave the stock an “overweight” rating in a research note on Monday, August 1st. Finally, Cowen increased their target price on shares of Chevron from $119.00 to $120.00 and gave the stock an “outperform” rating in a research note on Monday, August 15th. One analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $169.20.

Chevron Profile

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Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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